PERMANENT RESIDENCE IN CYPRUS

The Cyprus Residence programme is attractive to those that are attracted to the Mediterranean
style Greek-island-influence living that Cyprus offers. The Cyprus Residence programme is very
affordable and easy to comply with and allows for the investor to ultimately become a citizen and
passport carrier of that country. Cyprus residence allows for a fairly significant low-tax financial service
centre benefits.

The Cyprus Residence Programme has been in effect since 2009 and has been modified since.
It is achieved through a Visa known as a Category F visa. The Category F Visa allows individuals to
benefit from living in Cyprus for at least six years, after which they can apply for citizenship. In order
for applications to be approved swiftly and with as little limitations and requirements as possible, the
applicant needs to follow the following guidelines:

The applicant needs to make a residential property purchase of no less than €300,000. The
property must be purchased for private use.

OR

Bank statement showing deposit in a regent of 30,000 and Regular income demonstrating that
the applicant receives income from abroad exceeding €30,000 per year (i.e. showing receipt
of an income of at least €2,500 per month). In addition to this applicant must have a Bank
guarantee for immigration (€500 – €800 depending on the nationality of applicant)

OR

Investment in Cyprus company and Bank deposit in a Cyprus bank of at least €50,000 as well as
regular income from abroad in a regent of 2,500- 3,000 per month

Instead of the usual 2 years or so until you gain residence, Cyprus processes Category F Visa
applications within an accelerated 1 – 3 months. Cyprus has gained Schengen status; by gaining Cyprus
Residence, you would automatically qualify with a Schengen Visa, meaning you can travel to any of
the Schengen Counties without the need for a Visa (see below). The holder of the category F Cyprus
Residence permit is also allowed to apply for Cyprus Citizenship (and Passport) in the 6th year of
residency. In doing so the applicant will also enjoy all the full rights and benefits of any European Citizen
of Cyprus.

Conditions of the Category F Visa include a 6 months per year in Cyprus minimum stay
requirement. Citizenship through the Category F Visa, conditions of application:

The applicant should be at least 25 years old; have a clean criminal record from the country of
origin and from the Cyprus Police.

Confirmation that the applicants’ name is not included on the list of persons whose property is
ordered to be frozen within the boundaries of the European Union.

Citizenship through Substantial Investment

There are also a number of ways in which a substantial investor can gain citizenship in as little
as 3 – 4 months without requiring the Residence period with a Category F Visa. This citizenship option is
achieved through substantial direct investment:

In the direct investment programme, at least €2.5 million should have been invested for
investors that have a proven participation in collective investments schemes worth at least € 5 million.
Earlier, it was €2 million not €2.5 million. This provision lapsed on 01/June/2014. Under this scheme, all
family members will also be granted citizenship.

In Cyprus, anyone who invests over €300,000 in property could receive Cyprus permanent
residence and travel around Europe and in and out of Cyprus and stay wherever they wish to for as
much as they like, as explained earlier.